Personal loan rates low, says expert

Fri, 03 Mar 2006

Those considering taking out a personal loan are being advised that there is no time like the present.

Tracy North of Abbey's media relations division notes that personal loan rates "are very low at the moment".

She notes that the number of people borrowing funds has gone up, adding their borrowing variety has also increased.

People are thus choosing different forms of credit, such as credit cards, personal loans and remortgaging, to fund their purchases.

But Ms North insists that following Christmas overspend, the climate right for borrowing, particularly for debt consolidation purposes.

She says personal loan rates are now "a lot more appealing" than a while ago when people taking out personal loans could have ended up paying an interest rate of ten per cent or more.

Sainsbury's Bank estimates that between the start of the year and the end of March, up to 500,000 personal loans would be taken out for debt consolidation purposes.

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